Just announced a new update via Twitter by pod2g , the notorious hacker who is working on the Untethered Jailbreak for iPhone OS 5.0 / 5.0.1. The boy in a video calms all owners of the iPhone 4 shows the operation.

Also in the message that we find on its official blog we can read that the release is near, even if not currently the process has been completed on iPhone and iPad 2 4S, devices fitted with the latest Apple A5 processor harder to unlock.
Here's the new video shared by pod2g:

It would seem that the tool will release although not all devices are still compatible. The boy is doing the last test to make it as stable as possible.
We await developments, stay tuned.